Have you inherited a collection of sterling silver? If you’re wondering what to do with your new inheritance, this guide is for you.

Many members of younger generations might be surprised when they inherit sterling silverware, jewelry, or other silver items. While millennials are known for loving vintage clothes and books, research shows that they aren’t so interested in holding onto vintage furniture, silverware, and other household goods.

If you don’t want to leave your inherited silver to collect dust, you can turn it into something useful: money! With this guide to selling silverware, you’ll know exactly what to do with your inheritance. Keep reading to find out what the next steps are!

Who Buys Sterling Silver Flatware?

If keeping sterling silverware doesn’t hold much appeal for you, it might seem like no one else is going to buy it, either. However, there are lots of places you can try selling silverware.

One of the best ways is to do your research and then sell it yourself online, through an auction site like eBay or somewhere similar. This lets you take control over setting the prices, and competition among buyers can help you get the most money for your silver.

You can check your local antique dealers to see what they pay for silver, too. You’ll find a variety of prices among these buyers, so choose wisely.

If you can find a private collector or buyer, this is also a good way to get the best price for the silverware. You might be able to connect with them through an online or newspaper ad.

Many sellers also turn to pawn shops, coin shops, or jewelry shops to sell inherited silver. However, this should be a last resort, as these places don’t often pay full value for these items.

Step-by-Step Guide to Selling Silverware

Now that you have some possible buyers in mind, what steps do you need to take to get top dollar for your silver items? Follow this guide to get the most money out of your inherited sterling silver.

1. Find Out What You’re Working With

First, you’ll need to try to figure out the quality of your silver goods so that you can really know what they’re worth.

You might see a marking that says “silver” on your jewelry or silverware. However, this doesn’t mean that it’s high-quality, or even that it’s pure.

One of the first things you’ll need to find out is whether you have pure sterling goods or silver-plated items. Silver-plating means that the silverware was made of a different metal, but a thin layer of silver has been applied over the top. Learn more about the difference between silver and other metals here.

The good news is that silver-plate silverware often has a label on it. If you don’t see the words “silver-plate,” look for “EPNS” (electroplated nickel silver) or just “EP.”

If you can’t find a marking like this, a lack of marks can also be a sign of silver-plate. Pure silver items should be marked as such. If there’s no marking that says “sterling,” you could very well be working with silver-plate. It’s pretty uncommon to have pure silver that isn’t marked as such.

The bad news about silver-plate is that it’s worth almost nothing. The low resale value means that if your inherited flatware isn’t sterling, it may not be worth selling it. However, if you have pure silver to sell, move on to the next step.

2. Avoid Polishing Silverware

If your silverware inheritance was tarnished, you might be tempted to polish it to get it ready for a buyer. However, this can cause damage, so don’t run out and buy silver polish yet.

Chemical polishers, as well as many DIY tips for polishing silver, often mess up the finish, decreasing the value of your silver. Instead, invest in a high-quality polishing cloth for jewelry if you need to remove tarnish.

3. Determine the Value

Now that you’re getting ready to sell your silver, it’s time to figure out what a good price will be.

First, you can check the current price of silver. This value changes over time. If you can wait to sell until the price of silver goes up, you’ll get more for it.

Is the silverware marked with a monogram, like your relative’s initials? This might seem like a nice touch, but actually lowers the value of the silver.

Next, do some research to find out what pattern of silver it is. Some patterns are older or rarer than others. If you have a rare or old pattern, you can usually find a collector who’s willing to pay a premium for it.

Finally, different pieces of silverware also have different values. If you have a specialty item like a carving set or cocktail forks, you’ll get more for your silver. Complete sets are also worth more than random pieces – but if those pieces are unique, collectors might be more interested.

4. Appraisal and Sale

Before you move forward with selling silverware, it’s a good idea to get an appraisal – especially if you think you have something that’s high in value.

You can find a professional appraiser, visit an antique shop, or get an approximate valuation (which is different from an appraisal) online. This will help you set the value of your pieces, so you don’t accidentally let them go for less than what they’re worth.

After the appraisal, you can choose the best seller. Online sales and individual collectors are ideal for valuable items. For things with minimal value, you might prefer to save time and sell them at a pawn shop or jewelry store.

What Will You Get for Selling Old Silverware?

Selling silverware that you inherited might seem like a challenge, but it can also be kind of fun. The process of finding out the value of your items might reveal some exciting surprises – maybe you have something that’s older or more valuable than you expected.

What will you do with the money you get from selling your silverware? Spending it on a vacation is a great idea – check out our affordable vacation ideas here.